Transaction Code, Class of Risk, Line of Business, and Policy Expiration Date are all claim data elements of a company's:

Question

Options

• Aoperational plan
• BTransaction cycle
• CData maintenance
• Dstatistical plan

• A
  6% (1)
• B
  13% (2)
• C
  6% (1)
• D
  75% (12)

Explanation

Option D is correct because a statistical plan defines the specific data elements an insurance company must capture and report for regulatory and analytical purposes - including identifiers like Transaction Code, Class of Risk, Line of Business, and Policy Expiration Date, which are standard fields used to categorize and analyze claims data statistically.

An operational plan (A) addresses business processes and organizational goals, not data field definitions. A transaction cycle (B) refers to the workflow of processing a transaction from start to finish, not the specification of what data to collect. Data maintenance (C) involves keeping existing data accurate and up-to-date, not defining which elements to capture in the first place.

Memory tip: Think "statistical plan = the recipe card." Just as a recipe lists exactly which ingredients you need, a statistical plan lists exactly which data elements (fields) must be collected - Transaction Code, Class of Risk, etc. are the "ingredients" for claims analysis.

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